Did you know that you can easily and cheaply create digital products out of what you do, know about or love?
These can be in the form of PDF documents or reports, ebooks, streaming or downloadable audio, streaming or downloadable video, tuition courses, membership sites and continuity programmes. As these digital products, once produced, don’t cost you any money to deliver, the resulting profits go straight to your bottom line. And they make fantastic marketing materials too! Here’s an example:
Nicola’s book “The Money Gym” sells on Amazon in paperback format for £12.99. Her publisher has given her the rights to distribute it from her website. She gives away a free couple of chapters in the form of a PDF document which gives the potential purchaser a chance to see if they like her style.
By reading the book out loud, and recording it into her computer, she created an audio version, which can be downloaded as an MP3, and listened to on an iPod or in the car. 30% of the world are primarily auditory and don’t like to read. The audio version pleases them.
Nicola has bundled the ebook version (caters to the need for instant gratification) with the audio version, with the paperback (ordered by Nicola from Amazon and delivered straight to the customer).
She split tested the price point to see which sells best. This is easy online, and you simply split the traffic, sending one third to one page with one price, the second third to a second page and the final third to the third page and price point. Whichever sells most, and most profitably, is your optimum selling price point.
It turns out the optimum price point for the ebook/book/audio/mentoring bundle was £47.50. Nicola’s only overheads are the price of the paperback and the postage, a profit of over £30.
Nicola then offers her “3 Secrets To Business Success” video series to any purchaser, which gives her the chance to share some of her expertise. On the back of that video series, we attract people all day long who want to join the mentoring membership site. The holy grail for any business, surely? Recurring income.
Now, what do you know about, do or love, that could be recorded, transcribed or filmed and turned into a digital product that you could sell from your website?
Even if the sales of your digital products just built your credibility and perhaps just covered the costs of your Adwords campaign, which in turn built your mailing list of hot prospects, that would be very cool, wouldn’t it?
Why not talk to us via one of our Business Strategy Sessions about how we can help you create digital products for your business?